News

The Department of Labor has issued new guidance in a field assistance bulletin to clarify existing safe harbor rules for immediate and deferred annuities in defined contribution plans. The new guidance comes as the DOL is in the process of considering amendments to safe harbor regulations issued in 2008. Those safe harbor standards said a plan […]

The Department of Labor will issue guidance on state mandates that require small businesses to automatically enroll employees in IRAs by the end of the year. That announcement was made at Monday’s Conference on Aging, hosted at the White House. At least 20 states have proposals in the pipeline that would require businesses with, in […]

By now, you’ve probably heard of the Cadillac tax, the piece of the Affordable Care Act that levies a 40% excise tax on the cost of health insurance coverage above a certain threshold. That’s a big tax, but most employers don’t seem too concerned with it. There are likely a couple reasons for this. One, […]

LAS VEGAS–Building your own workplace wellness program takes work–and time–but it’s worth it. “It’s an investment we need to make,” Jennifer Bartlett, HR director at Griffin Communication, told a group of benefits managers during a session at the Human Resource Executive Health and Benefits Leadership Conference. “We want [employees] to be healthy and happy, and if they’re healthy […]

It’s no surprise that health care costs are continuing to rise and while employers remain committed to providing benefits, many are re-evaluating their benefit strategies, using a mix of traditional cost-shifting approaches and new network and plan design strategies to combat those rising costs. Over 60% of employers have either implemented or are considering implementing […]

Employers would be able to use standalone reimbursement arrangements (HRAs) to compensate employees for health care expenses under a bipartisan bill recently introduced in Congress. The Small Business Healthcare Relief Act (H.R. 2911 and S 1697) would roll back Treasury Department guidance that prohibits employers from using standalone HRAs to compensate employees for health care-related expenses. […]

Being a fiduciary is not easy, and many retirement plan stakeholders don’t even realize they are fiduciaries. That opens the door for numerous mistakes that could end up costing the plan and the employer a lot of money. “A lot of plans focus on the best investments and best procedures and not the reason fiduciaries […]

People simply don’t think of health savings accounts as a long-term option. As a result, they overlook HSAs’ value as a long-term savings tool. That’s one finding in a study from UMB Healthcare Services, which found that not even one percent of people in the study maxed out their allowable contributions. People are so used […]

Recently, there has been a lot of discussion about whether plan sponsors should contract with their administrative providers for section 3(16) fiduciary services. Outlined below are the different types of fiduciary services available to plan sponsors. ERISA Section 3(16) Fiduciary Services A new offering in the marketplace, some third party plan administration firms (TPAs) are […]

To me, the ACA Cadillac tax is like a patient, powerful hurricane moving across the Atlantic. If it makes landfall, the impact will be dramatic. While some remain hopeful that it will drift off harmlessly into the North Atlantic, I prefer to chart its course, prepare accordingly, and remain cautiously optimistic that the storm track […]